IRS Mandates Reporting for $10K Crypto Transactions in 2024
US Infrastructure Bill, Signed by Biden, Enacts Reporting Rules for Digital Transactions Over $10K to IRS.
Because Bitcoin
January 2, 2024
A recent Cointelegraph report states that provisions of the United States infrastructure bill, signed into law by President Joe Biden, are now in effect. This includes requirements for reporting digital asset transactions over $10,000 to the IRS. The bipartisan bill, enacted in 2021, expanded reporting obligations for crypto exchanges and custodians. Brokers must now report personal information, such as sender details, to the IRS within 15 days.
Originally set to take effect in January 2023, the requirements aim to address the tax gap, with reports due to the IRS in 2024. Coin Center's Jerry Brito notes challenges in compliance, particularly for miners and validators. Coin Center has proposed a de minimis exemption for crypto transactions to address reporting challenges.
The IRS began requiring specific reporting on digital asset transactions in 2019, with the infrastructure law complicating reporting further in 2024.
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